He believes they disappointed markets was because they wanted to maintain pressure on fiscal policymakers. Focusing on Draghi's press conference he writes:

"Yet Draghi felt compelled Thursday to make additional ECB measures conditional on countries being allowed to access Europe-wide rescue facilities that aren’t under the purview of the central bank. He questioned how his London speech was interpreted, suggesting that markets misread what he meant. He also had to deal with talk of divisions inside the ECB’s governing council.

All this speaks to the much bigger reality, which is of great relevance for individuals, companies, investors and governments around the world. Yes, central banks may be part of the solution, but increasingly they will play a smaller and smaller role. The tools they have available are losing their firepower. The burden is now on other policy makers and the political leadership. Only they have the tools that can address the fundamental problem of too little growth, too much debt in the wrong places, and too little private capital being channeled to investment and other productive activities."

But El-Erian is skeptical that policymakers will work together to take the action needed to tackle the global economic slowdown.